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  Governments are scared of tackling the immigration dilemma Rich economies need workers but their voters don’t like migrants Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Think about the traditional political economy of Switzerland, and self-destructive nativism is probably not the first description that comes to mind. Yet next week the Swiss, following a campaign by the right-wing Swiss People’s Party,  will vote in a referendum  to cap the national population at 10mn. The move is fiercely opposed by business leaders and, given the country’s falling birth rate, will worsen labour shortages in the future. The vast majority of Swiss immigrants are from rich European countries, particularly Italy and Germany. Blocking economically productive and culturally similar incomers underlines the contradictions between the economic imperative of admitting migrants and the political exigency of resisting ...
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  Read in browser Welcome to a special joint edition of  Going Private  and  The Brink , Bloomberg’s twice-weekly newsletters about private markets and corporate distress. Today, we are bringing you the highlights from the  Bloomberg Global Credit Forum  in New York. If you’re not already on our list,  sign up here . Have feedback? Email us at  goingprivate@bloomberg.net  or at  debtnews@bloomberg.net . End of an era Private credit’s honeymoon phase is drawing to a close, forcing investors to confront the consequences of a boom that has transformed the industry over the past decade.  Participants at the  Bloomberg Global Credit Forum  at our New York HQ on Wednesday appeared to have little doubt about the challenges lying ahead.  “I just believe in the laws of physics,” said  Holly Kim , a co-founder of  Glendon Capital Management .  “I’m not saying they’re going to be wiped out, but on a relative basis...
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  L'editoriale di Beppe Severgnini SE I POVERI DIVENTANO PIÙ POVERI S e i ricchi diventano più ricchi, e i poveri più poveri, cosa accadrà? La domanda è necessaria e drammatica, perché tutte le rivoluzioni partono da uno squilibrio insostenibile. E non sono mai graduali: a un certo punto, la gente non ce la fa più. E reagisce. C’è un luogo dove concentrare la nostra attenzione: gli Stati Uniti d’America, che restano — per ora — il laboratorio dell’Occidente. Il divario tra gli ultraricchi e il resto della popolazione ha raggiunto dimensioni mai viste. In un giorno il Ceo di una S&P 500 (le maggiori società quotate a Wall Street) guadagna quanto un suo impiegato in un anno. Gli Usa ospitano 1.135 billionaires, il cui patrimonio collettivo supera i 5.700 miliardi di dollari. In sostanza, un migliaio di individui controlla più ricchezza della metà degli americani più poveri, circa 170 milioni di persone. La middle class, nel frattempo, perde terreno. Negli Usa le spese per beni es...
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  America’s ‘other’ economy tells a different growth story Investors should pay attention to the struggles of the consumer packaged goods industry Published 6 hours ago The data centre boom dominates all discussion of the US economy. It drives the irrepressible stock market, lifts demand for electricity and keeps companies that make everything from generators to cooling systems working flat out. Investment in computer equipment contributed 0.9 percentage points of growth to annualised real GDP in the first quarter, when total growth was 1.6 per cent. We should not be hypnotised by one booming sector, however. There is another US corporate economy that looks very different: focused on consumption, not investment; viciously competitive; struggling for investor attention and hardly growing. For a lens on this other economy, look to the consumer packaged goods industry. These companies sell goods we all need, from detergent to cereal, under strong brands and with sophisticated marketin...
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  Taiwan beefs up anti-ship missile arsenal to counter threat of Chinese invasion Air force personnel load a U.S.-made Harpoon AGM-84 anti-ship missile during a combat readiness mission at the airbase in Hualien, Taiwan in 2022. Harpoons are a key part of Taiwan’s... Purchase Licensing Rights , opens new tab Read more TAIPEI, June 4 (Reuters) - Taiwan will sharply increase its arsenal of powerful anti-ship missiles to more than 1,800 by early 2029, as it seeks to enhance its capacity to counter a mounting threat of blockade or invasion by China, according to a Reuters calculation. This expanding arsenal of weapons that can be fired from aircraft, ships and ground-based launchers is part of Taiwan’s shift towards a ​so-called asymmetric strategy, where the island’s defenders seek to offset China’s massive advantage in firepower with big numbers of affordable but deadly weapons. These also include shorter-range missiles and swarms of surface and aerial drones, say current and former ...
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